Pence Breaks Tie as Senate Votes to Repeal Banking Rule

The Republican-led Senate narrowly voted Tuesday to repeal a banking rule that would let consumers band together to sue their bank or credit card company to resolve financial disputes.

Vice President Mike Pence cast the final vote to break a 50-50 tie. The banking industry had been lobbying hard to roll back the regulation from the Consumer Financial Protection Bureau. The bureau had moved to ban most types of mandatory arbitration clauses found in the fine print of agreements consumers often enter into when opening a checking account or getting a credit card.

The vote reflects the effort of the Trump administration and congressional Republicans to undo regulations that the GOP argues harms the free market. The measure now moves to President Donald Trump's desk for his signature. White House press secretary Sarah Huckabee Sanders said the president applauded the vote.

"The rule would harm our community banks and credit unions by opening the door to frivolous lawsuits by special interest trial lawyers," Sanders said.

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